In a stark reversal from its position just days earlier, the Trump administration is expected to allow Iran to remain connected to the SWIFT banking system the Washington Examiner reports, in what amounts to a major concession to European allies who have been pressuring senior U.S. officials to keep this key lifeline to the Islamic Republic open.

As recently as this weekend, Reuters reported that in order to further isolate Iran from the global financial community, Treasury Secretary Mnuchin said that the U.S. Treasury was in negotiations with the Belgian-based financial messaging service SWIFT which intermediates the bulk of the world’s cross-border dollar-denominated transactions, on disconnecting Iran from the network. Washington has been pressuring SWIFT to cut Iran from the system as it did in 2012 before the nuclear deal.

The latest reversal comes as a result of 'ongoing talks between top U.S. officials and European allies "who have been pressuring the Trump administration to take a softer line on Tehran" ahead of the Nov. 4 implementation of new sanctions on Iran.